Credit Question
#16
H1B Visa Holder
Thread Starter
Joined: Jun 2010
Location: Kent, UK --> USA
Posts: 25
Re: Credit Question
Computer's don't make decisions, even in the USA - that much I do know. I'll flat out refuse to bank/save or borrow from any lender that tries to sell me that story.
But I think I have the information I need guys, thanks for the answers - I feel somewhat better equipped.
But I think I have the information I need guys, thanks for the answers - I feel somewhat better equipped.
#17
Forum Regular
Joined: Feb 2008
Posts: 98
Re: Credit Question
I think it's good your have your Experian reports and I have read of instances in the past where they have been taken into consideration but for me they were not.
My case is different in that my wife is a USC so has full credit history. We arrived in May 09 and bought a house in Feb of this year by which time I had three credit lines.
I offered my UK credit reports to banks and brokers but nobody would take them. They did however want to see proof of two years worth of my UK earnings so make sure you have P60s or something to prove how much your earnt.
My case is different in that my wife is a USC so has full credit history. We arrived in May 09 and bought a house in Feb of this year by which time I had three credit lines.
I offered my UK credit reports to banks and brokers but nobody would take them. They did however want to see proof of two years worth of my UK earnings so make sure you have P60s or something to prove how much your earnt.
#18
H1B Visa Holder
Thread Starter
Joined: Jun 2010
Location: Kent, UK --> USA
Posts: 25
Re: Credit Question
I think it's good your have your Experian reports and I have read of instances in the past where they have been taken into consideration but for me they were not.
My case is different in that my wife is a USC so has full credit history. We arrived in May 09 and bought a house in Feb of this year by which time I had three credit lines.
I offered my UK credit reports to banks and brokers but nobody would take them. They did however want to see proof of two years worth of my UK earnings so make sure you have P60s or something to prove how much your earnt.
My case is different in that my wife is a USC so has full credit history. We arrived in May 09 and bought a house in Feb of this year by which time I had three credit lines.
I offered my UK credit reports to banks and brokers but nobody would take them. They did however want to see proof of two years worth of my UK earnings so make sure you have P60s or something to prove how much your earnt.
#20
Joined: Jan 2008
Posts: 7,605
Re: Credit Question
What happened in your case was, AmEx reported your US account to the bureaus using a start date based on your UK account. That gave you more than the 6 months of history that the FICO algorithms require to compute a score.
The three month period was more to do with how long it took for the AmEx data to show up on your reports than anything else.
#23
Re: Credit Question
We had an international credit check done here to get a mortgage. It didnt actually help us in the least in the end and it still took MONTHS to get the mortage sorted and they made us jump through a million hoops. And at this stage we had been in the US over a year (renting) and had US bank accounts and car leases etc.
about 4 months after we arrived we looked at our credit score and it was 740. in reality this was a false picture and as said before the lack of history nullified it.
#24
H1B Visa Holder
Thread Starter
Joined: Jun 2010
Location: Kent, UK --> USA
Posts: 25
Re: Credit Question
Not going to get into a fight about it, but having worked on banking software - they don't. Employees and bank managers make decisions, generally assisted by information they have available. My point being that a bank that doesn't go beyond "computer says no" wouldn't be a bank I'd take my business to.
#25
Re: Credit Question
Not going to get into a fight about it, but having worked on banking software - they don't. Employees and bank managers make decisions, generally assisted by information they have available. My point being that a bank that doesn't go beyond "computer says no" wouldn't be a bank I'd take my business to.
#26
Forum Regular
Joined: Feb 2008
Posts: 98
Re: Credit Question
Nope, it was perfectly accurate. I said "6 months of credit history here" not "been here for 6 months".
What happened in your case was, AmEx reported your US account to the bureaus using a start date based on your UK account. That gave you more than the 6 months of history that the FICO algorithms require to compute a score.
The three month period was more to do with how long it took for the AmEx data to show up on your reports than anything else.
What happened in your case was, AmEx reported your US account to the bureaus using a start date based on your UK account. That gave you more than the 6 months of history that the FICO algorithms require to compute a score.
The three month period was more to do with how long it took for the AmEx data to show up on your reports than anything else.
#27
H1B Visa Holder
Thread Starter
Joined: Jun 2010
Location: Kent, UK --> USA
Posts: 25
Re: Credit Question
#28
Re: Credit Question
Sorry just wanted to jump in here as this 2nd point isn't quite accurate. I moved over in May 09 and transferred my Amex card at the end of that month. When I went to get a car loan (with a co-signer) I had a score in the high 700s only 3 months later.
I still agree it will be tough to get a mortgage as it's credit history that seems to matter, not just score alone.
I still agree it will be tough to get a mortgage as it's credit history that seems to matter, not just score alone.
It's the actual length and variety of the history that actually matters though when it comes to mortgages and getting good rates.
#29
Re: Credit Question
Hell, the missus knows someone who wanted a $75K loan and was able to put down $600K in cash and he was still refused a loan because he didn't have much credit history, and he was a yank, just never needed to use credit cards etc, always been cash rich.
#30
Re: Credit Question
Not going to get into a fight about it, but having worked on banking software - they don't. Employees and bank managers make decisions, generally assisted by information they have available. My point being that a bank that doesn't go beyond "computer says no" wouldn't be a bank I'd take my business to.